The 2020 tax rates that affect your tax filing for 2021, came out on Wednesday 6th Nov 2019 !Find the copy of IRS release on the 2020 tax rates and income brackets. While the seven slabs of tax rates remain unchanged, the income limits have been changed. You can consult 2019 tax brackets for filing in 2020.
Tax Brackets and Rates, 2020
Unmarried Individuals
Rate
Taxable Income Over
10%
$0
12%
$9875
22%
$40.125
24%
$85,525
32%
$163,300
35%
$207,350
37%
$518,400
Married Individuals Filing Separately
Rate
Taxable Income Over
10%
$0
12%
$9875
22%
$40.125
24%
$85,525
32%
$163,300
35%
$207,350
37%
$311,025
Married Individuals, Filing Joint Returns
Rate
Taxable Income Over
10%
$0
12%
$19,750
22%
$80,250
24%
$171,050
32%
$326,600
35%
$414,700
37%
$622,050
Heads of Households
Rate
Taxable Income Over
10%
$0
12%
$14,100
22%
$53,700
24%
$85,500
32%
$163,300
35%
$207,350
37%
$518,400
Standard Deduction 2020
Filing Status
Deduction Amount
Single(married or unmarried)
$12,400
Married Filing Jointly
$24,800
Head of Household
$18,650
Alternative Minimum Tax Exemptions, 2020
Filing Status
Deduction Amount
Unmarried Individuals
$72,900
Married Filing Jointly
$113,400
Married Filing Separately
$56,700
Trusts & Estate
$25,700
Alternative Minimum Tax Exemption Phaseout Thresholds, 2020
Filing Status
Threshold
Unmarried Individuals(other than surviving spouse) and Married Individuals Filing Separate Returns
$518,400
Joint Returns or Surviving Spouses
$1,036,800
2020, Earned Income Tax Credit Parameters
Filing Status
No Children
One Child
Two Children
Three or More Children
Single or Head of Household
Income at Max Credit
$7,030
$10,540
$14,800
$14,800
Maximum Credit
$538
$3,584
$5,920
$6,660
Phaseout Begins
$8,790
$19,330
$19,330
$19,330
Phaseout Ends (Credit Equals Zero)
$15,820
$41,756
$47,440
$50,954
Married Filing Jointly
Income at Max Credit
$7,030
$10,540
$14,800
$14,800
Maximum Credit
$538
$3,584
$5,920
$6,660
Phaseout Begins
$14,680
$25,220
$25,220
$25,220
Phaseout Ends (Credit Equals Zero)
$21,710
$47,646
$53,330
$56,844
2020, Capital Gains Brackets
For Unmarried Individuals, Capital Gains upto
For Married Individuals Filing Joint Returns, Capital Gains Upto
For Heads of Households, Capital Gains Upto
For Trusts & Estates
Capital Gains Upto
0%
$40,000
$80,000
$53,600
$2,650
15%
$441,000
$496,600
$469,050
$13,150
20%
exceeding
$441,000
exceeding $496,600
exceeding
$496,050
exceeding
$13,150
2020, Qualified Business Income Deduction Thresholds
Filing Status
Threshold
Unmarried Individuals & all others
$163,300
Married Filing Jointly
$326,600
Estate Income Tax Rates
Estate’s Income
Tax rate
Upto $2,600
10%
$2,601 to $9,450
24%
$9,451 to $12,950
35%
Over $12,950
37%
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